Chainalysis estimates $457B in taxable crypto activity, says CARF misses most
The blockchain analytics firm said just 14% of the onchain activity it identified is covered by the OECD’s international crypto tax-reporting framework.
A new Chainalysis report estimates that $457 billion in crypto activity globally in 2025 is taxable, with only 14% of this onchain activity covered by the OECD's Crypto-Asset Reporting Framework (CARF). The US leads with $112.6 billion in potentially taxable activity, followed by North America at $134.6 billion and the European Union at $125.1 billion.
The remaining 86% of taxable activity occurs on decentralized exchanges, peer-to-peer transfers, onchain income streams, and payments, excluding trading within centralized exchanges. CARF, implemented by 48 jurisdictions including the UK and EU on January 1, 2026, requires crypto service providers to report customer transaction data to tax authorities, but leaves much of decentralized finance unaccounted for.
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